Kerala’s leading integrated amusement and theme park operator plans to raise Rs 82.43 crore via the BSE SME platform, with expansion into Jamshedpur and Lucknow.
Silverstorm Parks & Resorts Ltd., an integrated amusement park, water park, snow park, and hospitality company, opens for subscription on July 24 with the issue closing on July 28. The company is listing on the BSE SME platform. This is one of the larger and more distinctive SME issues of 2026.
What the Company Does
Founded in October 1998, Silverstorm operates its flagship attraction — the Silver Strom Theme Park — in Athirappilly, Kerala, spanning approximately 17.38 acres. The park includes an amusement park, water park, Kerala’s first indoor snow park, multiple restaurants, and a resort, making it a multi-day destination for families and tourists. The company is celebrating its Silver Jubilee in 2026 and is adding 25 new rides in August 2026, a Cable Car project, and a forest village-themed attraction to the existing park.
Beyond its core Kerala property, Silverstorm is actively expanding its footprint — with projects under development in Jamshedpur and Lucknow — positioning it as a multi-location amusement operator rather than a single-site business. The integrated offering of entertainment, hospitality, and food services provides multiple revenue streams from the same visitor footfall.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | July 24, 2026 |
| Issue Closes | July 28, 2026 |
| Listing | BSE SME (July 31, 2026) |
| Price Band | Rs 123 – Rs 133 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 82.43 crore (100% Fresh Issue) |
| Lot Size | 1,000 shares (min 2 lots = 2,000 shares) |
| Min. Retail Investment | Rs 2,66,000 |
| BRLM | Vivro Financial Services Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Market Maker | Rikhav Securities Ltd. |
Financial Performance
| Particulars (Rs cr) | FY25 | FY26 |
|---|---|---|
| Revenue | 31.64 | 44.85 |
| PAT | 9.71 | 19.10 |
| PAT Margin | 30.68% | 42.59% |
| Revenue Growth | — | 42% |
| PAT Growth | — | 97% |
Revenue grew 42% in FY26 and PAT nearly doubled, with PAT margins reaching an extraordinary 42.59% — remarkable for an amusement park business. The analyst notes that across the last three fiscals, the company posted speedy growth and outperformed listed peers. The PAT margin level is very high, which analysts note raises questions about durability as the business scales into new geographies.
Risks to Consider
The expansion into Jamshedpur and Lucknow — geographies and climates very different from Kerala — introduces significant execution risk. Building and operating amusement parks in new markets requires local regulatory permissions, land access, skilled operations teams, and marketing investment before any revenue materialises.
A single-site legacy business expanding to multi-site is one of the most difficult operational transitions in leisure and hospitality. The extraordinary PAT margins in a theme park business may reflect the high operating leverage of a mature, fully-depreciated site — new parks will take years to reach similar economics.
Analyst View
Analysts note that for the last three fiscals, the company marked speedy growth in its top and bottom lines and outperformed listed peers. Silverstorm is adding meaningful new attractions to celebrate its silver jubilee. The issue appears fully priced based on recent financial data, point out analysts.